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Nifty

Nifty opened on a positive note and extended buying momentum in the first half however selling in the second half led the index lower to close near day's low. Nifty closed at 17522 with a loss of 83 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day 's move formi n g a "B e a ris h Engulfing" candlestick formation which is a bearish reversal formation. For such formations confirmation is necessary, so if the index breaks below previous day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty crosses and sustains above 17730 level it would witness buying which would lead the index towards 17800-17850 levels. However if index breaks below 17487 level it would witness selling which would take the index towards 17430-17345

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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785

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